Australian ‘buy now, pay later’ (BNPL) services provider Afterpay has unveiled a banking app to target the younger generation.
The move comes nearly ten months after the fintech partnered with Westpac to offer savings accounts to its Australian customers.
The banking app, dubbed Money by Afterpay, will now undergo a pilot with Afterpay’s Australian staff.
Money by Afterpay
The ‘no-fee’ app is expected to be launched in October this year.
After it is made available, existing Afterpay BNPL account holders can use their same credentials to log into the app.
The customers can open up to 15 savings accounts to better manage their financial goals. Afterpay will also provide 1% interest in each of the accounts subject to a maximum limit.
The fintech has also secured approval to offer financial product advice and debit cards within the app. Customers can also use Money by Afterpay to make and receive real-time payments using the new payments platform.
Additionally, the customers can use the offering as their primary money management app. It will display their BNPL balance, upcoming orders and instalments.
Afterpay co-CEOs Anthony Eisen and Nick Molnar said: “Ultimately, with Money by Afterpay, our goal is to make managing your money simple, frictionless and stress-free.
“Money will broaden our relationship with our loyal customers and also attract a new group that’s looking to streamline how they manage their finances within the debit economy, further cementing our commitment to supporting responsible spending.
“To bring a money app to life in ten months demonstrates that we can quickly move at pace to get well ahead of customer expectations and bring both cutting-edge features and true ‘surprise and delight’ to the experience.”